Career Ladders Offer Milestones for Improving Employee Retention

Career Ladders Offer Milestones for Improving Employee RetentionCareer Ladders Offer Milestones for Improving Employee RetentionEmployee retention has become an even higher priority for many financial executives lately. High achievers who see no upward mobility or few opportunities for professional development with their current employer may feel especially restless, and quietly launch a job search.Financial leaders surveyed for the Benchmarking the Accounting Finance Function 2015 report from Robert Half and the Financial Executives Research Foundation indicated that focusing on ongoing staff development is an important element in retaining top talent over the long term. The report notes that many organizations are also using promotion opportunities and succession plans to encourage retention.These topics can be discussed in one-to-one meetings with your employees about their unique career ladders. Career ladders refer to a sequence of goals - often ascending positions, or rungs o n the ladder - that can serve as road map for an employees progression toward increasing levels of responsibility in your organization.Charting a future path - and identifying hurdlesWhile its common practice to review your employees performance, compensation and professional prospects during the annual review process, a career ladder discussion should be a separate meeting. The objectives of this discussion are toIdentify potential career paths for the employee at the companyHighlight specific positions and milestones on that pathIdentify any potential obstacles, such as skills gaps, and ways to overcome them, such as through trainingThe meeting should conclude with the selection of a date to check in with the employee on his or her progress toward promotion or other specific milestone. And because a professionals career ladder can be quite dynamic, be sure to check in regularly with your staff members to gauge how their career goals may be evolving.Career ladders can help your e mployees to better visualize their future in your organization, and understand the specific steps they need to take to reach their professional goals. Help them to set those plans in motion by connecting them with opportunities to engage in leadership training, mentorship programs and continuing professional education.Does your business use career ladders? Share your best practices below.Related resourcesBenchmarking the Accounting Finance Function201515 Professional Development Ideas to Help Your Staff in 2015Preparing for Performance Evaluations How to Keep Your Team Motivated for 20154 Ways to Solve Disengagement Amount Your Internal Auditors